What the Bank of Mom and Dad should consider when dispensing money — especially if it might want to be paid back someday — via financialpost PersonalFinance FamilyFinance
You do not need to charge interest on a loan to a child, but you can if you so choose. If you charge interest, you should set the parameters up front. One option might be to base it on the
Interest paid to you on a private loan is taxable just as if you had a savings account or bought a GIC or bond. Even if the interest is accrued and not actually paid to you, it should be reported at least annually on the anniversary date of the loan. Property rights when a marriage breaks down are dealt with provincially. Several provinces have an equal right to possession of a matrimonial home for spouses. If a parent gifts funds that are used to purchase a home for their child and their spouse, there may not be protection in the event the relationship ends. If a loan is documented, a parent may be better able to keep the funds in the family.
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